Group Five business rescue on track
The sales process of the secured subsidiary of embattled construction company Group Five (G5), Everite, is ongoing, the company’s business rescue practitioners (BRPs) – Dave Lake and Peter van den Steen – confirmed on Thursday.
The legally separate business rescue process for G5 Construction is also ongoing; however, the BRPs said that “there currently remains no realistic prospect of any financial recovery by the company from the G5 business rescue process”.
Remaining project-linked activities for G5 Construction are stable with the majority of project executions continuing to progress as planned.
Overall, for both businesses in terms of litigation, there continues to be a number of existing dispute-related matters that the company is involved with that are currently ongoing.
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